Sixty Six Oilfield Services Inc (SSOF)

[wadirum1]

Why not get current? Why not get out of default status in Nevada?

My GUESS would be that MMHC stays in default and doesn't post financials on OTC because they don't have any money to pay the fees. Indeed, they essentially have no assets and a ton of debt.

Doesn't anyone do any DD at all? I posted a yellow sticky with a link to MMHC's financials as of Sept 2016. This would be a useful place to start, but only if people were willing to read it. Two highlights IMHO are:

Total assets: $1

Convertible notes due in one year or less: $391,667

Also, the financials explain the terms of the A-1 preferred shares, which convert into approximately 2 billion common shares (based on my assumption that they have now increased their O/S from 435,449,791 shares @ 11/29/2016 up to the A/S of 500M).

Think about that. Folks here love to talk about the great share structure. But what does that great share structure look like if you add in another TWO BILLION SHARES?

And that is just the beginning. Would the oilfield company inherit MMHC's convertible debt? Why would they knowingly take on someone else's $391K in toxic debt? It doesn't make sense to me, but then what would happen to it? Would the debt holders just walk away? Seems to me that THEY would instead have seized the company and sold the shell before walking away if that is what they are doing.

Anyway, as far as we know, the convertible debt remains on MMHC's books and this represents the potential for vast increases in the O/S.

INDEED, note that whatever shares get issued to satisfy the convertibles are then multiplied by FOUR to satisfy the preferreds. Kind of mind boggling.

But don't believe me! Read it yourselves in the link in my yellow sticky. Or go directly to the report: https://www.microcapreporting.com/upload/1481962536_Q3_Report_2016.pdf


Not saying this can't go up if this is some strong manipulation rather than dilution-related promotion. Or, I suppose there is even a chance that this oil deal is at least partly legit.

But folks need to remember: caveat emptor.

Wadi